Service members who were deployed overseas between Dec. 31, 2008 and May 1, 2009 and for a minimum of 90 days; can still get the $8,000 tax credit on a First Time Homebuyer Purchase! Or you could qualify for the $6,500 tax credit for current homeowners buying a new home! All you have to do to take advantage of this tax credit is sign a purchase contract before April 30, 2011 and close by June 30, 2011! Remember, you must live in the home for at least 3 years to keep the tax credit or you will have to repay the credit to the IRS. Even that has an exception for military families if they must relocate on orders!
A First Time Homebuyer is defined as anyone who has not owned a home in the past 3 years so, even if you have owned a home before, you could qualify under this guideline if it was sold more than 3 years ago!
For current homeowners, there are also special benefits to allow you to sell your current home. The first $250,000 ($500,000 if married filing jointly) of profits on the sale of your current home can be tax free if you have lived in that home for at least two of the preceeding ten years, as long as you were on qualified extended duty and living at least 50 miles from your home or in Government Quarters.
To find out more, contact Valley West Mortgage at (888) 931-0007. We can help you get started on your VA or Active Duty Mortgage Application right now! Detailed information on Military Tax Benefits are also available at the IRS website, www.irs.gov . Just search “Armed Forces Tax Guide”.